Bitcoin’s (BTC) network hash rate has crossed 102 quintillion hashes per second; a new record for the cryptocurrency. The milestone was confirmed by the Blockchain monitoring resource on 18 September, noting that the value touched the peak of 102.8 quintillion hashes.
This all-time high hash rate, which signifies the security of the Bitcoin network, follows after a string of records for the metric this annum.
Since December 2018, the hash rate has seen unprecedented growth, going from a recent low of 31 quintillion hashes per second to the massive 102.8, recording an increase of 230%. The growth has spurred new life into all things BTC, despite the recent moderate decline in price. As noted by the experts, the upward trend signifies future price growth.
Hash rate signifies the amount of computing power used in processing Bitcoin transactions. This implies that the higher the number of hashes, the more competition there is among crypto miners to obtain the block reward.
Lightning Torch organizer Hodlonaut commented on the massive growth rate, adding that the figures reveal the underlying confidence among miners. He said:
“Last readjustment period (2016 blocks, or around two weeks) increased by 10.38%. We are about halfway through the current readjustment period, and on track for another 11.85% increase.”
Bitcoin’s astronomical hash rate makes it the most powerful computing entity in the world, way ahead of all latest computing marvels including quantum computers.
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